Technology
Iridium Announces Second-Quarter 2024 Results
Published
2 months agoon
By
MCLEAN, Va., July 23, 2024 /PRNewswire/ — Iridium Communications Inc. (Nasdaq:IRDM) (“Iridium”), a leading provider of global voice and data satellite communications, today reported financial results for the second quarter of 2024 and reiterated its full-year 2024 outlook. Net income was $32.3 million, or $0.27 per diluted share, for the second quarter of 2024, as compared to net loss of $30.7 million, or $0.24 per diluted share, for the second quarter of 2023. Operational EBITDA (“OEBITDA”)(1) for the second quarter was $114.0 million, as compared to $115.8 million for the prior-year period, representing a year-over-year decrease of 2%. Net income primarily benefitted from a year-over-year decrease in depreciation expense associated with the extension of the estimated useful lives of the Company’s satellites and the prior year write-off of the Company’s remaining ground spare.
Iridium reported second-quarter total revenue of $201.1 million, which consisted of $152.5 million of service revenue and $48.6 million of revenue related to equipment sales and engineering and support projects. Service revenue, which represents primarily recurring revenue from Iridium’s growing subscriber base, grew 5% from the year-ago period and was 76% of total revenue for the second quarter of 2024. Total revenue increased 4% versus the comparable period of 2023, largely due to higher commercial service revenue and higher government engineering revenue.
The Company ended the quarter with 2,413,000 total billable subscribers, which compares to 2,140,000 for the year-ago period and is up from 2,333,000 for the quarter ended March 31, 2024. Total billable subscribers grew 13% year-over-year, led by growth in commercial IoT.
“Iridium’s strong capital position continues to support our return of capital to shareholders. During the quarter, we repurchased three percent of our shares and increased our quarterly dividend to common shareholders,” said Matt Desch, CEO, Iridium. Desch added, “We plan to continue being aggressive with our shareholder-friendly activities in 2024, based on current market valuations.”
Iridium Business Highlights
Service – Commercial
Commercial service remained the largest part of Iridium’s business, representing 63% of the Company’s total revenue during the second quarter. The Company’s commercial customer base is diverse and includes markets such as maritime, aviation, oil and gas, mining, recreation, forestry, construction, transportation and emergency services. These customers rely on Iridium’s products and services as critical to their daily operations and integral to their communications and business infrastructure.
Commercial service revenue was $126.0 million, up 6% from last year’s comparable period primarily due to continued growth in IoT data and voice and data services.Commercial voice and data: Revenue was $56.5 million, up 3% from the year-ago period. Subscribers grew 3% from the year-ago period to 417,000. Average revenue per user (“ARPU”) was $46 during the second quarter, consistent with the prior-year period.Commercial IoT data: Revenue was $41.6 million, up 20% from the year-ago period. Subscribers grew 16% from the year-ago period to 1,837,000 customers, driven by continued growth in consumer personal communications devices. ARPU was $7.70 in the second quarter, compared to $7.48 in last year’s comparable period. The increase in ARPU resulted primarily from a new contract with a large customer.Commercial broadband: Revenue was $13.5 million, down 4% from $14.0 million in the year-ago period due to a decrease in ARPU offset in part by subscriber growth. ARPU was $269 during the second quarter, compared to $296 in last year’s comparable period, reflecting the increased prevalence of Iridium’s use as a companion service rather than primary.Hosted payload and other data service: Revenue was $14.4 million, down 4% from $15.1 million in the year-ago period. As previously noted, there was a year-over-year decrease in hosted payload revenue related to the change in the estimated useful lives of Iridium’s satellites that went into effect in the fourth quarter of 2023, offset in part by increases in other data service revenue.Iridium’s commercial business ended the quarter with 2,271,000 billable subscribers, which compares to 1,999,000 for the prior-year quarter and is up from 2,188,000 for the quarter ended March 31, 2024. IoT data subscribers represented 81% of billable commercial subscribers at the end of the quarter, an increase from 79% at the end of the corresponding prior-year period.
Service – U.S. Government
Iridium’s voice and data solutions improve situational awareness for military personnel and track critical assets in tough environments around the globe, providing a unique value proposition that is not easily duplicated.
Under Iridium’s Enhanced Mobile Satellite Services contract (the “EMSS Contract”), a seven-year, $738.5 million fixed-price airtime contract with the U.S. Space Force signed in September 2019, Iridium provides specified satellite airtime services, including unlimited global standard and secure voice, paging, fax, Short Burst Data®, Iridium Burst®, RUDICS and Distributed Tactical Communications System services for an unlimited number of Department of Defense and other federal government subscribers. Iridium also provides maintenance and support work for the U.S. government’s dedicated Iridium® gateway under two other contracts with the U.S. Space Force. Iridium Certus® airtime services are not included under these contracts and may be procured separately for an additional fee.
Government service revenue remained flat at $26.5 million in the second quarter, reflecting the contractual rate in the EMSS Contract.Iridium’s U.S. government business ended the quarter with 142,000 subscribers, which compares to 141,000 for the prior-year quarter and 145,000 for the quarter ended March 31, 2024. We expect subscriber count to be variable due to the nature of this fixed-price contract. Government voice and data subscribers increased 5% from the year-ago period to 63,000 as of June 30, 2024. Government IoT data subscribers decreased 2% year-over-year and represented 56% of government subscribers at quarter-end.Under the terms of the multi-year EMSS Contract, Iridium’s fixed-price rate will increase to $107 million for the contract year beginning September 15, 2024.
Equipment
Equipment revenue was $22.8 million in the second quarter, down 17% compared to $27.4 million in the prior-year quarter.In 2024, the Company expects equipment sales to be lower than 2023 and to be more in line with periods prior to 2022.
Engineering & Support
Engineering and support revenue was $25.8 million during the second quarter, up 25% compared to $20.6 million in the prior-year quarter, primarily due to a rise in activity with the U.S. government.In 2024, the Company expects engineering and support revenue to increase from 2023 with ongoing work on the Space Development Agency contract.
Capital expenditures were $12.4 million for the second quarter, including $1.2 million in capitalized interest. The Company ended the second quarter with gross Term Loan debt of $1.6 billion, $50.0 million outstanding under the Revolving Facility and a cash and cash equivalents balance of $63.5 million. The Company utilized cash from its upsized Term Loan to complete the acquisition of Satelles in April. The Company ended the first quarter with a net debt balance of $1.6 billion, representing net leverage of 3.5 times OEBITDA.
Iridium paid a dividend of $0.14 per common share on June 28, 2024, resulting in year-to-date dividend payments of $32.8 million to stockholders. The Board of Directors’ decision to increase the quarterly dividend to $0.14 per share starting with the second quarter 2024 dividend will result in a full-year dividend increase of 5.8%.
During the quarter, the Company repurchased approximately 3.3 million shares of its common stock under its previously announced share repurchase program at a total purchase price of $96.6 million, in part funded by a $50 million draw down on Iridium’s Revolving Facility. As of June 30, 2024, $180.8 million remained available and authorized for repurchase under this program through December 31, 2025. The Company has retired 21.1 million shares, equivalent to $819.2 million, since its share repurchase program commenced in February 2021.
2024 Outlook and Longer-Term Outlook
The Company reiterated its full-year 2024 outlook and updated its longer-term guidance on net leverage:
Total service revenue growth between 4% and 6% for full-year 2024. Total service revenue for 2023 was $584.5 million.Full-year 2024 OEBITDA between $460 million and $470 million. OEBITDA for 2023 was $463.1 million.Cash taxes of less than $10 million per year from 2024 through 2026. We expect that the longer-term cash tax rate will move closer to the statutory rate in 2028.Net leverage below 4.0 times OEBITDA through 2026 and falling below 2.0 times OEBITDA by the end of the decade, assuming the completion of the Company’s share repurchase authorization and the payment of quarterly dividends consistent with the current level. (Previous near-term guidance for net leverage was below 2.5 times OEBITDA as Iridium exited 2026.) Net leverage was 3.1 times OEBITDA at December 31, 2023.
(1) Non-GAAP Financial Measures & Definitions
In addition to disclosing financial results that are determined in accordance with U.S. GAAP, the Company provides Operational EBITDA, which is a non-GAAP financial measure, as a supplemental measure to help investors evaluate the Company’s fundamental operational performance. Operational EBITDA represents earnings before interest, income taxes, depreciation and amortization, gain (loss} on equity method investments, acquisition and related costs, and share-based compensation expenses. Such charges are incidental to, but not reflective of, the Company’s day-to-day operating performance. Operational EBITDA does not represent, and should not be considered, an alternative to U.S. GAAP measurements such as net income or loss. In addition, there is no standardized measurement of Operational EBITDA, and the Company’s calculations thereof may not be comparable to similarly titled measures reported by other companies. The Company believes Operational EBITDA is a useful measure across time in evaluating its fundamental core operating performance. Management also uses Operational EBITDA to manage the business, including in preparing its annual operating budget, debt covenant compliance, financial projections and compensation plans. The Company believes that Operational EBITDA is also useful to investors because similar measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries. As indicated, Operational EBITDA does not include interest expense on borrowed money, the payment of income taxes, amortization of the Company’s definite-lived intangible assets, or depreciation expense on the Company’s capital assets, which are necessary elements of the Company’s operations. Since Operational EBITDA does not account for these and other expenses, its utility as a measure of the Company’s operating performance has material limitations. Due to these limitations, the Company’s management does not view Operational EBITDA in isolation, but also uses other measurements, such as net income, revenues and operating profit, to measure operating performance. Please refer to the schedule below for a reconciliation of consolidated GAAP net income to Operational EBITDA and Iridium’s Investor Relations webpage at www.iridium.com for a discussion and reconciliation of this and other non-GAAP financial measures. We do not provide a forward-looking reconciliation of expected full-year 2024 Operational EBITDA guidance as the amount and significance of special items required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts.
Iridium Communications Inc.
Supplemental Reconciliation of GAAP Net Income (Loss) to Operational EBITDA
(In thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
GAAP net income (loss)
$ 32,336
$ (30,741)
$ 51,989
$ (20,966)
Interest expense, net
23,797
18,723
44,460
36,613
Income tax (benefit) expense
4,565
(5,211)
12,496
(10,664)
Depreciation and amortization
50,776
114,569
100,520
190,388
Share-based compensation
19,348
16,795
33,348
29,557
Acquisition and related costs(1)
919
—
2,375
—
(Gain) loss, net on equity method investments
(17,698)
1,677
(16,131)
2,832
Operational EBITDA
$ 114,043
$ 115,812
$ 229,057
$ 227,760
(1)
Represents direct costs incurred in connection with the negotiation, consummation and integration of acquisition transactions, whether or not actually completed. These costs generally include legal and advisory fees, severance and other related costs.
Conference Call Information
As previously announced, the Company will host a conference call to discuss its results at 8:30 a.m. Eastern Time on Tuesday, July 23, 2024. Callers should dial 1-412-902-6740 to access the call. The conference call will also be simultaneously webcast on Iridium’s Investor Relations webpage at www.iridium.com. An archive of the webcast will be available following the live conference call.
About Iridium Communications Inc.
Iridium® is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations, and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. In 2024, Iridium acquired Satelles, Inc. and announced the Iridium Satellite Time and Location service. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services, and partner solutions, visit www.iridium.com.
Forward-Looking Statements
Statements in this press release that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding Iridium’s expectations with respect to total service revenue growth, OEBITDA and cash taxes for 2024; cash taxes and net leverage over the long term; anticipated equipment sales and engineering and support service revenue for 2024; amount and timing of share repurchases, the payment of dividends, and expected revenues from its EMSS contract with the U.S. government and from the newly acquired Satelles. Forward-looking statements can be identified by the words “anticipates,” “may,” “can,” “believes,” “expects,” “projects,” “intends,” “likely,” “will,” “to be” and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties regarding customer demand for Iridium’s products and services, including demand from the U.S. government; Iridium’s ability to maintain the health, capacity and content of its satellite constellation, and the development of and market for Iridium’s products and services, as well as general industry and economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 15, 2024, and the Company’s Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on July 23, 2024, as well as other filings Iridium makes with the SEC from time to time. There is no assurance that Iridium’s expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium’s underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. Iridium’s forward-looking statements are based on information available to it as of the date of this press release and speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements.
Iridium Communications Inc.
Condensed Consolidated Statements of Operations
(In thousands)
Three Months Ended June 30,
2024
2023
Revenue
Service revenue
Commercial
$ 125,967
$ 118,642
Government
26,500
26,500
Total service revenue
152,467
145,142
Subscriber equipment
22,782
27,376
Engineering and support service
25,818
20,590
Total revenue
201,067
193,108
Operating expenses
Cost of services (exclusive of depreciation and amortization)
39,464
35,432
Cost of subscriber equipment sales
13,946
16,113
Research and development
6,512
5,626
Selling, general and administrative
46,723
37,339
Depreciation and amortization
50,776
114,569
Total operating expenses
157,421
209,079
Operating income (loss)
43,646
(15,971)
Other income (expense), net
Interest expense, net
(23,797)
(18,723)
Other income (expense), net
(646)
419
Total other expense, net
(24,443)
(18,304)
Income (loss) before income taxes and loss on equity method investments
19,203
(34,275)
Income tax benefit (expense)
(4,565)
5,211
Gain (loss), net on equity method investments
17,698
(1,677)
Net income (loss)
$ 32,336
$ (30,741)
Operational EBITDA
$ 114,043
$ 115,812
Iridium Communications Inc.
Condensed Consolidated Statements of Operations
(In thousands)
Six Months Ended June 30,
2024
2023
Revenue
Service revenue
Commercial
$ 248,044
$ 231,491
Government
53,000
53,000
Total service revenue
301,044
284,491
Subscriber equipment
47,650
69,052
Engineering and support service
56,226
44,838
Total revenue
404,920
398,381
Operating expenses
Cost of services (exclusive of depreciation and amortization)
85,913
72,037
Cost of subscriber equipment sales
27,826
43,252
Research and development
13,710
9,504
Selling, general and administrative
83,534
76,023
Depreciation and amortization
100,520
190,388
Total operating expenses
311,503
391,204
Operating income
93,417
7,177
Other expense, net
Interest expense, net
(44,460)
(36,613)
Other income (expense), net
(603)
638
Total other expense, net
(45,063)
(35,975)
Income (loss) before income taxes
48,354
(28,798)
Income tax benefit (expense)
(12,496)
10,664
Gain (loss), net on equity method investments
16,131
(2,832)
Net income (loss)
$ 51,989
$ (20,966)
Operational EBITDA
$ 229,057
$ 227,760
Iridium Communications Inc.
Summary Revenue and OEBITDA Highlights
(In thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
% Change
2024
2023
% Change
Revenue
Service revenue(1)
Commercial service revenue
Voice and data
$ 56,455
$ 54,957
3 %
$ 111,432
$ 107,405
4 %
IoT data(2)
41,609
34,561
20 %
81,064
66,511
22 %
Broadband(3)
13,478
14,028
-4 %
27,170
27,476
-1 %
Hosted payload and other data service(4)
14,425
15,096
-4 %
28,378
30,099
-6 %
Total commercial service revenue
125,967
118,642
6 %
248,044
231,491
7 %
Government service revenue(5)
26,500
26,500
— %
53,000
53,000
0 %
Total service revenue
152,467
145,142
5 %
301,044
284,491
6 %
Subscriber equipment
22,782
27,376
-17 %
47,650
69,052
-31 %
Engineering and support(6)
Commercial
1,520
1,737
-12 %
2,673
7,423
-64 %
Government
24,298
18,853
29 %
53,553
37,415
43 %
Total engineering and support
25,818
20,590
25 %
56,226
44,838
25 %
Total revenue
$ 201,067
$ 193,108
4 %
$ 404,920
$ 398,381
2 %
Operational EBITDA
Operational EBITDA
$ 114,043
$ 115,812
-2 %
$ 229,057
$ 227,760
1 %
Other
Capital expenditures(7)
$ 12,442
$ 22,382
$ 27,006
$ 45,287
Net debt(8)
$ 1,603,334
$ 1,392,919
Cash, cash equivalents and marketable securities
$ 63,541
$ 103,456
Term Loan, gross
$ 1,616,875
$ 1,496,375
Deferred financing costs
(15,911)
(15,339)
Term Loan, net
$ 1,600,964
$ 1,481,036
(1)
Service revenue consists of primarily subscription-based services which often generate a long-term recurring revenue stream from subscribers.
(2)
IoT data service provides a two-way short burst data transmission between Iridium Communications Inc.’s network and a telemetry unit, which may be located, for example, on a container in transit or a buoy monitoring oceanographic conditions.
(3)
Broadband is comprised of Iridium OpenPort® and Iridium Certus.
(4)
Hosted payload and other services consist primarily of services that do not have traditional billable subscribers. Hosted payload services consist of hosting and data services to our payload customers, Aireon and Harris. Other services include primarily Iridium Communications Inc.’s one-way satellite timing, location, and authentication services (STL) which provides position, navigation and timing technology.
(5)
Government service revenue consists of voice and IoT data subscription-based services provided to agencies of the U.S. government through prime contracts.
(6)
Engineering and support includes maintenance services to the U.S. government’s dedicated gateway and engineering services to assist customers in developing new technologies for use on Iridium Communications Inc.’s satellite system.
(7)
Capital expenditures based on cash spent in the respective period.
(8)
Net debt is calculated by taking the sum of the gross Term Loan and gross drawn Revolving Facility, less cash, cash equivalents and marketable securities.
Iridium Communications Inc.
Subscriber Highlights
(In thousands, except ARPU)
As of June 30,
2024
2023
% Change
Billable Subscribers (1) (2)
Commercial
Voice and data, IoT data and Broadband service
Voice and data
417
405
3 %
IoT data
1,837
1,578
16 %
Broadband (3)
16.8
16.1
4 %
Total commercial voice and data, IoT data
and Broadband service
2,271
1,999
14 %
Government
Voice and data and IoT data service
Voice and data
63
60
5 %
IoT data
79
81
-2 %
Total government voice and data and IoT
data service
142
141
1 %
Total billable subscribers
2,413
2,140
13 %
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
% Change
2024
2023
% Change
Net Billable Subscriber Additions
Commercial
Voice and data. IoT data and Broadband service
Voice and data
12
10
20 %
9
8
13 %
IoT data
71
77
-8 %
128
130
-2 %
Broadband
0.2
0.6
(67) %
0.2
1.1
-82 %
Total commercial voice and data, IoT data
and Broadband service
83
88
-5 %
137
139
-1 %
Government
Voice and data and IoT data service
Voice and data
1
—
NM
1
—
NM
IoT data
(4)
2
-285 %
(4)
2
-277 %
Total government voice and data and IoT
data service
(3)
2
-235 %
(3)
2
-227 %
Total net billable subscriber additions
80
90
-10 %
134
141
-5 %
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
% Change
2024
2023
% Change
ARPU (2) (4)
Commercial
Voice and data
$ 46
$ 46
— %
$ 45
$ 45
— %
IoT data
$ 7.70
$ 7.48
3 %
$ 7.62
$ 7.33
4 %
Broadband
$ 269
$ 296
(9) %
$ 271
$ 294
(8) %
(1)
Subscribers as of the end of the respective period.
(2)
Billable subscriber and ARPU data is not applicable for Hosted payload and other data service revenue items and is excluded from presentation above.
(3)
Broadband is comprised of Iridium OpenPort® and Iridium Certus.
(4)
Average monthly revenue per unit, or ARPU, is calculated by dividing revenue in the respective period by the average of the number of billable subscribers at the beginning of the period and the number of billable subscribers at the end of the period and then dividing the result by the number of months in the period.
Investor Contact:
Press Contact:
Kenneth Levy
Jordan Hassin
Iridium Communications Inc.
Iridium Communications Inc.
+1 (703) 287-7570
+1 (703) 287-7421
View original content to download multimedia:https://www.prnewswire.com/news-releases/iridium-announces-second-quarter-2024-results-302203038.html
SOURCE Iridium Communications Inc.
You may like
Technology
Observo AI, the AI-Powered Telemetry Data Pipeline, Joins the Azure Marketplace
Published
2 hours agoon
September 27, 2024By
Observo AI, the AI-powered security and observability telemetry pipeline is now available on Azure Marketplace.
FREMONT, Calif., Sept. 27, 2024 /PRNewswire-PRWeb/ — Observo AI, a pioneer in creating security and observability data pipelines powered by Artificial Intelligence, today announced a partnership with Microsoft and the availability of Observo on Azure Marketplace. This will make it easier for Azure customers to quickly adopt Observo to help control costs, manage data sprawl, boost productivity, and identify and resolve critical incidents faster.
Customers can now deploy Observo AI at speed while benefiting from Azure’s trusted and secure infrastructure, as well as its global commercial footprint. Availability on the Azure Marketplace will enable seamless purchasing and invoicing, with customers able to use their existing Microsoft Azure Consumption Commitment (MACC) to purchase Observo AI.
“Many of our customers who have moved to Azure are experiencing a huge increase in telemetry data sent to analytics platforms by Security and DevOps teams. Expenditures on tools like Microsoft Sentinel are increasing at an untenable pace,” said Ricky Arora, Co-Founder and COO of Observo AI. “Azure Cloud customers now have access to Observo AI through the Azure Marketplace to optimize this data, route it to Sentinel or any other analytics tool, and save as much as 50% on security costs.”
“Observo AI, available on the Azure Marketplace, offers a solution for Microsoft Azure and Sentinel customers struggling with the relentless growth of security data,” said Jatinder Mann, CEO of Cetark, a cyber security services company specializing in Microsoft Security portfolio. “Observo AI empowers Security teams to optimize costs, speed incident response, and ensure robust security and compliance with a seamless, fast, and easy purchase option through the Azure Marketplace.”
Learn More
For more details on how Azure customers can take advantage of Observo AI’s AI-powered pipelines, read the complete announcement on the Observo AI blog. Visit the Observo AI Website at www.observo.ai Watch the Observo AI explainer video at https://vimeo.com/899662669
About Observo AI
Observo AI was created to help solve the biggest telemetry data problems. Observo helps reduce security costs by 50% or more while resolving incidents more than 40% faster. Our AI-Powered Observability Pipeline helps break-free from static, rules-based pipelines. Observo automates security and observability with a pipeline that constantly learns and improves. Minimize risks, enhance visibility, protect sensitive data, and stay in compliance with Observo AI.
Media Contact
Bryan Turriff, Observo AI, 1 5014129978, bryan@observo.ai, www.observo.ai
View original content to download multimedia:https://www.prweb.com/releases/observo-ai-the-ai-powered-telemetry-data-pipeline-joins-the-azure-marketplace-302260671.html
SOURCE Observo AI
Technology
VXI Global Solutions to grow Morrow, GA location with up to 300 new positions to support new clients
Published
2 hours agoon
September 27, 2024By
VXI Global Solutions announced today an expansion of their customer service center at 1000 Southlake Circle, adding over 300 new full-time positions to support multiple new clients.
MORROW, Ga., Sept. 27, 2024 /PRNewswire-PRWeb/ — VXI Global Solutions, a leading provider of customer experience (CX) and business process outsourcing (BPO) solutions, announced today an expansion of their customer service center at 1000 Southlake Circle, adding over 300 new full-time positions to support multiple new clients.
The state-of-the-art facility offers full-time positions where high performers can earn $40,000 per year with impressive weekly incentives depending on the client program they support. VXI is looking for applicants with experience in Customer Service, Sales, and Tax Preparation all with start dates throughout October and November 2024.
Local Head of Talent Acquisition, Chelsea Yancoskie, shared, “We are excited to welcome our new clients and offer these on-site positions to the local community, providing opportunities to share in our success. We’re not only looking for customer service professionals but also individuals with significant experience in sales and income tax preparation. Starting wages begin at $17 per hour, with some positions offering up to $19 per hour depending on the candidate’s qualifications.”
VXI provides paid training, comprehensive medical, dental, and vision benefits, 401(k) options, paid time off, and one of the industry’s best unlimited employee referral programs. VXI Morrow is located in Southlake Mall, so employees can easily access the Food Court and retail shops just steps away, offering convenience during breaks and before or after shifts. Team members are encouraged to “Stand Out & Fit In” by participating in the Visionaries & Passion4 volunteer programs focused on promoting an inclusive workplace and community support events. Additional perks include discounted cell phone plans, rewards programs, and frequent prize giveaways and free luncheons.
“We have an amazing group of people at VXI,” said Tommy Thompson, Director of Operations for VXI Morrow. “I am delighted to be able to bring meaningful job opportunities to this community. As one of the largest certified minority-owned businesses in the US, VXI was recently recognized as one of Newsweek’s Greatest Places to Work for Diversity and our culture is second to none. Over 85% of our leaders are promoted internally, so there are real opportunities for career growth.”
To learn more and apply, please visit the VXI Careers website or click the link: VXI Morrow apply
About VXI Global Solutions
VXI Global Solutions is a BPO leader in customer service, customer experience, and digital solutions. Founded in 1998, the company has over 40,000 employees in more than 40 locations in North America, Asia, Europe, and the Caribbean. VXI delivers omnichannel and multilingual support, software development, quality assurance, and CX advisory, automation, and process excellence to the world’s most respected brands.
VXI is backed by private equity investor Bain Capital and is one of the fastest growing, privately held business services organizations in the United States and the Philippines, and one of the few U.S.-based customer care organizations in China.
For more information, visit http://www.vxi.com.
Media Contact
VXI Corporate Communications, VXI Global Solutions, (213) 637-1300, comms@vxi.com, https://vxi.com/
View original content:https://www.prweb.com/releases/vxi-global-solutions-to-grow-morrow-ga-location-with-up-to-300-new-positions-to-support-new-clients-302261560.html
SOURCE VXI Global Solutions
Technology
Custom T-Shirt Printing Market to Grow by USD 2.01 Billion from 2024-2028, Driven by Customized T-Shirts as Branding Tools; AI Driving Market Transformation – Technavio
Published
3 hours agoon
September 27, 2024By
NEW YORK, Sept. 27, 2024 /PRNewswire/ — Report with the AI impact on market trends – The Global Custom T-Shirt Printing Market size is estimated to grow by USD 2.01 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 7.44% during the forecast period. Growing use of customized T-Shirts as branding tool is driving market growth, with a trend towards M and A, partnerships, and expansion of business by opening new offices However, fragmented nature of market and huge initial investment poses a challenge – Key market players include Bewakoof Brands Pvt. Ltd., Blue Gecko Printing, Blue Gecko UK Ltd., Cimpress Plc, Claranova SE, CustomInk LLC, Designhill Inc., Entripy, Ilogo, International Coatings Co. Inc., Print Safari, Printfly Corp., Printful Inc., Printo Document Services Pvt. Ltd., PT Reycom Printing Solusi, Spreadshirt Inc., THREADBIRD, TShirt Elephant, UberPrints Inc., and yourPrint.
AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now
Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Type (Graphic designed shirt and Artwork), Technique (Screen printing, Digital printing, and Plot printing), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)
Region Covered
APAC, Europe, North America, South America, and Middle East and Africa
Key companies profiled
Bewakoof Brands Pvt. Ltd., Blue Gecko Printing, Blue Gecko UK Ltd., Cimpress Plc, Claranova SE, CustomInk LLC, Designhill Inc., Entripy, Ilogo, International Coatings Co. Inc., Print Safari, Printfly Corp., Printful Inc., Printo Document Services Pvt. Ltd., PT Reycom Printing Solusi, Spreadshirt Inc., THREADBIRD, TShirt Elephant, UberPrints Inc., and yourPrint
Key Market Trends Fueling Growth
Vendors in the custom T-shirt printing market are implementing strategic moves to enhance their competitive positions. In November 2021, CustomInk LLC expanded its offerings by acquiring Swag.com, a corporate swag platform, to enter the gifting-as-a-service category. Simultaneously, Printful Inc. Formed a partnership with Vexels, a leading design platform, to integrate over 500 pre-selected designs into their Design Maker tool. This collaboration aims to provide Printful’s global customers with more high-quality design options. Additionally, Printful invested over USD5 million in the UK and Poland to expand its clothing segment in Europe. These strategic initiatives demonstrate the market’s dynamic nature and vendors’ commitment to growth and innovation.
The custom T-shirt printing market is thriving, with trends leaning towards unique logos and designs for clubs, travel industry, and outdoor sports. Unique preferences among young people for clothing that expresses personality are driving demand. Printing techniques like screen printing and digital printing offer various advantages, with screen printing providing a more traditional look and digital printing offering vibrant colors and intricate designs. The apparel market continues to grow, making custom-designed T-shirts a popular branding tool for businesses in various industries, including sports, entertainment, and even households. Affordability and accessibility through e-commerce platforms expand potential customers. Procolored printing technology and artificial intelligence enhance design insights, while customized clothing with logos, slogans, and artwork boosts brand visibility. Customized T-shirts serve as a powerful advertising tool for fan bases and social awareness campaigns.
Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!
Market Challenges
The global custom T-shirt printing market is characterized by a high degree of fragmentation, with numerous vendors competing intensely based on pricing. This market fragmentation has resulted in price wars, causing revenue and profit challenges for market participants. Small and medium-sized vendors face additional hurdles, such as maintaining color consistency, managing quality, and marketing effectively. The screen printing technique, a common method for custom T-shirt production, involves expensive set-ups that are less cost-effective for small production runs. These factors, combined with the market’s fragmented nature and significant initial investments, pose moderate challenges to the growth of the custom T-shirt printing market during the forecast period.The custom T-shirt printing market faces several challenges in various industries. In clubs and organizations, unique logos and designs are essential for branding and member identification. The travel industry caters to young people with diverse clothing preferences, requiring affordable, custom-designed T-shirts. Outdoor sports and the sports industry demand high-quality printing techniques like Screen and Digital printing for durability and vibrant colors. Unique designs and artwork are crucial for apparel market success, with graphic design and printing technology playing significant roles. Procolored and Prospective customers in the entertainment industry seek personalized T-shirts as branding tools and advertising for their fan bases. Customized clothing, including logos and slogans, is a valuable branding strategy for businesses in various sectors. Printing techniques like Screen and Digital printing, Artificial intelligence, and E-commerce platforms offer customization opportunities. Custom-designed T-shirts cater to the needs of households and individuals, reflecting their personality and social awareness. The potential customers in the apparel market seek affordability and quality, making it essential for businesses to offer a range of normal T-shirts and customized clothing options. In conclusion, the custom T-shirt printing market faces challenges in various industries, including clubs, travel, sports, apparel, and entertainment. To succeed, businesses must focus on unique designs, affordable pricing, and high-quality printing techniques while catering to the diverse preferences and branding needs of their customers.
Insights into how AI is reshaping industries and driving growth- Download a Sample Report
Segment Overview
This custom t-shirt printing market report extensively covers market segmentation by
Type 1.1 Graphic designed shirt1.2 ArtworkTechnique 2.1 Screen printing2.2 Digital printing2.3 Plot printingGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa
1.1 Graphic designed shirt- The custom T-shirt printing market is primarily driven by the popularity of graphic-designed shirts. In 2023, graphic designs accounted for the largest market share, and this trend is anticipated to continue. Graphic-designed shirts are cost-effective due to their low production costs. Manufacturers create these shirts based on current fashion trends, increasing their appeal to consumers. Pre-printed graphic designs cater to customers seeking quick and affordable solutions, further fueling market growth. Consequently, the global custom T-shirt printing market is expected to thrive during the forecast period, with graphic-designed shirts leading the charge.
Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022)
Research Analysis
Custom-designed t-shirts have become a popular choice for individuals and businesses looking to make a statement or boost brand visibility. With the rise of printing technology, creating customized clothing has never been easier or more affordable. Prospective customers seek out custom-made t-shirts as a unique expression of their personality and preferences. The printing technique used can significantly impact the final product, with Procolored and artificial intelligence technology offering advanced customization options. Brands recognize the value of custom t-shirts as an effective branding tool, enabling them to reach consumers in a memorable and engaging way. Normal t-shirts can be transformed into eye-catching branding vehicles, enhancing consumer decision-making and loyalty. Customized t-shirts continue to be a powerful marketing tool, offering endless possibilities for creativity and self-expression.
Market Research Overview
Custom-designed t-shirts have become a popular trend in branding and marketing strategies, offering businesses and individuals a unique way to increase brand visibility among prospective customers. Customized t-shirts serve as effective branding tools, allowing the use of logos and slogans to promote businesses, causes, or personalities. The entertainment industry, with its vast fan base, has embraced customized clothing as a powerful advertising tool. The printing technique used, whether screen printing or digital printing, plays a crucial role in the final product’s quality. Customized clothing is not only for businesses; it is also a preferred choice for sports teams, clubs, and young people seeking unique designs that reflect their personality. Affordability and the wide range of printing techniques, including Procolored and artificial intelligence, make custom t-shirts an attractive option for households. The apparel market continues to evolve, with trends in outdoor sports, the sports industry, and e-commerce driving demand for customized clothing. Graphic design and artwork play a significant role in creating unique and eye-catching designs. Printing technology advancements, such as digital printing and screen printing, offer new possibilities for customization and personalization.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
TypeGraphic Designed ShirtArtworkTechniqueScreen PrintingDigital PrintingPlot PrintingGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/custom-t-shirt-printing-market-to-grow-by-usd-2-01-billion-from-2024-2028–driven-by-customized-t-shirts-as-branding-tools-ai-driving-market-transformation—technavio-302260126.html
SOURCE Technavio
Observo AI, the AI-Powered Telemetry Data Pipeline, Joins the Azure Marketplace
VXI Global Solutions to grow Morrow, GA location with up to 300 new positions to support new clients
Custom T-Shirt Printing Market to Grow by USD 2.01 Billion from 2024-2028, Driven by Customized T-Shirts as Branding Tools; AI Driving Market Transformation – Technavio
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Near Videos5 days ago
Revolutionary Phase 2 of Nightshade 😲 – Stateless Validation Unleashed! 🚀
-
Near Videos5 days ago
How to Extract Twitter Data for Meme Coins Using Langchain
-
Near Videos4 days ago
Token Processing: Overcoming Quantization Challenges
-
Near Videos4 days ago
NEAR AI office hours #19 with Hero – smarter, faster, AI-powered crypto decisions.
-
Technology3 days ago
Wireless Router Market to Grow by USD 8.09 Billion from 2024-2028, Driven by Rising Adoption of Smart Home Systems, AI Powered Report by Technavio
-
Coin Market2 days ago
Biden admin deliberately killed off Silvergate to ‘decapitate’ crypto: Nic Carter
-
Technology4 days ago
Appeal of Conscience Foundation to Honor His Eminence Archbishop Elpidophoros of America, the leader of the Greek Orthodox Archdiocese of America and Humanitarian Marta Batmasian at the 59th Annual Appeal of Conscience Gala
-
Technology5 days ago
Data Center Asia 2025 Set for Ground-breaking Launch in Hong Kong